CC RESOLUTION 4431RESOLUTION No' 4431
A RESOLUTION ADOPTING THE NATIONWIDE RETIREMENT
SOLUTIONS GOVERNMENTAL DEFERRED COMPENSATION MATCHING
PLAN AND TRUST (PLAN).
BE IT RESOLVED by the Council of the City of El Segundo as follows-
SECTION 1. The City Council finds as follows
A The City of El Segundo is an "employer" for purposes of the Internal Revenue Code,
B The City adopted a Deferred Compensation Plan which is available to all eligible
employees pursuant to Internal Revenue Code ( "IRC ") § 457,
C Certain tax benefits accrue to employees participating in said Deferred Compensation
Plan,
D The City wishes to provide an additional incentive to its employees to voluntarily set
aside and invest portions of their current income to meet their future financial
requirements and supplement their existing retirement programs(s),
E Nationwide Retirement Solutions, hie (NRS) provided the City with a specimen plan
document (the NRS Governmental Deferred Compensation Matching Plan and Trust);
F. It is in the public interest for the City to attract and retain employees of the highest
caliber in order to provide and maintain high standards of service
SECTION 2 The Nationwide Retirement Solutions Governmental Deferred Compensation Matching
Plan and Trust ( "Plan") is adopted The Plan will be maintained for the exclusive benefit of eligible
employees and their beneficiaries.
SECTION 3 The City Manager is authorized to execute all documents and make any additional
administrative decisions or determinations to implement the Plan The City Manager or Director of
Administrative Services, or designee, are named trustees for the Plan
SECTION 4 The City of El Segundo Deferred Compensation Matching Plan ( "Matching Plan") is
adopted. The City Manager or Director of Administrative Services or designee is authorized to execute
all documents and make any additional administrative decisions or determmations to implement the
Matching Plan
SECTION 5 The employer's contribution for the Plan and Matching Plan will match an employee's
annual contribution to the employee's 457 plan up to two and one -half percent (2 -112 %) of the annual
total pay
SECTION 6 Management /Confidential employees, eligible under the City's Deferred Compensation
Plan are also eligible for the Plan and Matching Plan
SECTION 7 The City Clerk is directed to certify the adoption of this Resolution, record this
Resolution in the book of the City's original resolutions; and make a minute of the adoption of the
Resolution in the City Council's records and the minutes of this meeting
SECTION 8 This Resolution will become effective immediately upon adoption and remain effective
unless repealed or superseded
PASSED AND ADOPTED this 19th day of July 2005
Kelly P
Mayor
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS
CITY OF EL SEGUNDO )
I, Cindy Mortesen, City Clerk of the City of El Segundo, California,
hereby certify that the whole number of members of the City Council of
the City is five; that the foregoing Resolution No. 4431 was duly
passed and adopted by said City Council, approved and signed by the
Mayor of said City, and attested to by the City Clerk of said City,
all at a regular meeting of said Council held on the 19th day of
July , 2005, and the same was so passed and adopted by the
following roll call vote.
AYES: McDowell, Boulgarides, Busch, Jacobson
NOES: None
ABSENT: Gaines
ABSTAIN: None
ATTEST:
1 1
Cindy Mor esen,
City Clerk Ae
APPROVED
Mark D.
N
By: AMA, iz
firarl H. Bergpy
Assistant CZ y Attorney